How easy is it to buy and sell DOGE coins?
Crypto enthusiasts may joke about Dogecoin, but its use is becoming more widespread. Despite being a joke, DOGE has been gaining a bigger market share daily. Much of the success can be attributed to its community – the Litecoin and Bitcoin communities too!
It’s not hard to sell Dogecoin. With our help, you’ll learn the best online exchanges for DOGE in this guide, so you can cash out your coins fast. Welcome to the beginner’s guide on how to purchase DOGE with cash and crypto.
What is Dogecoin?
Dogecoin was created by software engineers Billy Markus and Jackson Palmer. There is a Shiba Inu meme called “Doge” which also happened to be the original name of the currency. The founder of Dogecoin tweeted about its creation 5 years ago, and it has since not only been successful, but very popular as well.
Markus saw Palmer’s tweet and started developing his coin. Dogecoin is a fork of Lucky Coin, which is a fork of Bitcoin, so it can be said that Dogecoin exists as the descendant of Bitcoin’s code.
Dogecoin was developed by Markus and Palmer in a few hours, and it took them until day three to release their cryptocurrency. It surprised many people in the blockchain space.
Dogecoin was fast to gain a following because of its meme-like qualities and low price. It got popular on Reddit, even incorporating the Dogecoin-made tipping feature which has helped this cryptocurrency integrate into popular culture in a Hipstamatic fashion.
Elon Musk is a frequent Twitter user, discussing cryptocurrencies. Many cryptocurrency investors also use Dogecoin to tip or pay small amounts between 100-1,000 D because of its low transaction fee compared to Bitcoin.
Though they are based on Bitcoin, Dogecoin is a proof-of-work currency, so mining this coin requires work. To poke fun at the prospect of mining and poor returns, the name is also inspired by a popular meme about doge that begins with “Doge.”
How to sell Dogecoin for cash and crypto
To sell Dogecoin, you first have to acquire some Dogecoin. You can get some by signing up for a cryptocurrency exchange that supports it (for example, Binance or Coinbase).
If a user wants to invest in Dogecoin, they will need to input their payment method or existing cryptocurrency and set up an account for the exchange. From there, it is just about finding the asset and buying it. You can use any of the following exchanges to purchase DOGE: Coinbase, Binance, and Changelly.
With cryptocurrency trading, you have different order types, including limit orders and market orders. These offer lots of flexibility for traders when buying or selling their cryptocurrencies.
Limit order
An investor can buy DOGE by placing a limit order for up to the desired amount. The benefit of this system is the ability to buy more DOGE at the current price!
If you want a cryptocurrency delivered, you should do it quickly. If the price never reaches the limit order price, your request will never be fulfilled.
Market order
Market orders are better than limit orders because they are less risky. Limits might take up to seconds to be filled, but market orders are immediate.
Crypto Cash Flow is a term that refers to the amount of money that an individual or organization is able to generate from their cryptocurrency investments or activities.
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Sell DOGE for cash and crypto
No matter how the DOGE is acquired, DOGE holders can sell the cryptocurrency whenever they’d like, and one can do it on any crypto exchange that supports Dogecoin.
If a user never moved their Dogecoin from the exchange wallet, setting up a sell order is easy. If the DOGE was transferred to another wallet, it must be sent to a wallet on the exchange of choice.
When Dogecoin is in an exchange wallet, the investor can sell instantly via a market order or at a future price using a limit order. Aside from the market order and limit order selling types, there’s also a stop-loss order method.
A stop-loss order prevents a trader from losing their funds in case of an asset price crash. When selling DOGE, one might set a stop-loss for 15% of their current DOGE portfolio. If DOGE crashes overnight and drops 25%, the stop-loss order would have automatically sold when the portfolio fell by 15%.
Either way, the trader is losing money. But, a stop-loss prevents the trader from losing more than they could have by selling assets before the price drops too low.
Best places to sell DOGE
While a wide range of cryptographic money trades supports selling DOGE, a couple is the best places to sell DOGE: are Kraken, Robinhood, and Binance applications.
Step-by-step instructions to sell DOGE on Robinhood
While financial backers essentially view Robinhood as a stock exchanging stage, the application has ventured into digital currency exchanging. Selling DOGE on Robinhood is simple also, requiring a couple of steps.
Step-by-step instructions to sell Dogecoin on Kraken
Kraken clients can change DOGE over to Bitcoin, United States dollar, and euro. All that is required is holding DOGE in the Kraken DOGE wallet by pursuing a Kraken account. To pursue a Kraken account, you want an email address, username, and a solid secret key. Then, at that point, the Kraken account should be checked. Your name, nation of home, birth date, and telephone number is everything necessary for check purposes.
From that point, clients can sell DOGE for Bitcoin in the wake of making a store address in their Kraken account. In any case, if a DOGE holder needs to sell DOGE for fiat, they’ll need to follow Kraken’s Know Your Customer (KYC) arrangements before doing as such.
Step-by-step instructions to sell Dogecoin on the Binance application
Binance application clients can exchange their DOGE for their neighborhood fiat, Tether (USDT), or different other exchanging matches. In the wake of holding DOGE in their Binance wallet, a financial backer can make a beeline for the “Exchange” tab inside the Binance dashboard and decide to sell DOGE through their decision of request type.
The fate of Dogecoin: Is DOGE a wise venture?
DOGE is quicker and less expensive to execute as contrasted and its rivals, for example, Bitcoin, which naturally makes Dogecoin a superior speculation resource. Nonetheless, there are different key elements to consider before deciding to assume DOGE is a wise venture.
For certain dealers, DOGE is an inflationary resource. Inflationary means there’s a limitless stock of DOGE which eliminates any feeling of shortage from Dogecoin. DOGE’s absence of shortage could prompt Dogecoin to turn out to be less and less important as the organization creates more tokens.
The Dogecoin network discharges 10,000 DOGE into the course with each square being approved. Generally speaking, 10,000 DOGE deliver each square outcome in around 5 billion DOGE given a year.
It’s memorable’s critical that Palmer and Markus planned DOGE as a joke, henceforth the token’s inflationary perspective. Palmer and Markus’ goal could lead one to accept DOGE is certainly not decent future speculation. All things considered, considering blockchain networks are open source, the local area is the genuine main consideration.
The DOGE people group is attempting to bring new versatility and security updates over the following year. If these overhauls add to a strong long-haul token is impossible to say.
Toward the day’s end, if DOGE is a wise venture is totally up to the financial backers’ opinions. Some could involve DOGE for straightforward exchanges or paying for labor and products. Others may be searching for a drawn-out DOGE venture so they can sell DOGE later and ought to do some examination before settling on such a choice.
